He has joined Queens Moat as full-time chairman, on around pounds 275,000 a year, as part of a management shake-up to oversee its strategic review and conclude a refinancing deal. Mr Marshall hopes to announce the outcome "within weeks, not months".
The hotelier, which has pounds 632m debts and net assets of just pounds 85.8m, was forced to suspend its shares in September, at 8 1/2 p, after failing to reach an agreement with its lenders in time for its half-year results.
Asked if his appointment signalled Queens Moat risked administration, Mr Marshall burst out laughing, before replying: "I couldn't possibly respond to that." He added: "If I didn't think there was a good chance of delivering for all stakeholders I wouldn't have taken the job."
He admitted he was something of a glutton for punishment. "It's something like that," he said. "The experiences I have gone through at Railtrack and Thorn means Queens Moat judges I can bring something to the party. So do I."
At Thorn, Mr Marshall broke up the television rentals group, getting a better price than the market expected.
He would not be drawn on his plans, except to say: "Discussions with lenders will be seeking some accommodation with existing arrangements."
Investment bank Morgan Stanley has been appointed to work alongside current advisers Cazenove and Deloitte & Touche, on the review.
Chairman Richard Jewson and non-executive director Michael Beckett are leaving as part of the board shake-up.
Kailayapillai Ranjan, finance director of Jack Petchey's property group, which owns 25pc of Queens Moat, and Andrew Glasgow, are joining as new non-executives.
